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According to him, about 4, members have already registered on the platform. He said other Covid preventive measures like wash-hand basins, Hand Sanitizers and Face masks had also been provided before the commencement of their operations on Monday.
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- ABCON Mobile.
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Gwadebe said the association was faced with the challenge of smaller margin, saying they still see a gap between advance exchange rate and what was currently obtained in the market. He called on CBN to allow BDCs carry out online documentation to avoid physical contact with persons due to the pandemic.
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Over N10bn losses await speculators as ABCON hits forex market – The Sun Nigeria
Up Next Oil prices hold near multi-week lows on demand worries. Lydia Ngwakwe. Recent Posts. It described the editorial as a product of ignorance of the role and contributions of the BDCS sector, as well as the various measures put in place by the Central. Bank of Nigeria and ABCON to ensure strict regulation of the sector as well as compliance with all regulatory requirements especially anti-money laundering measures. The editorial, it added failed to distinguish between licensed BDCS and illegal currency hawkers or money changers, as a licensed BDC is registered as a corporate body with the Corporate Affairs Commission CAC and is licensed by the CBN to provide retail forex services across the counter.
The platform publishes the ruling exchange rate in the retail foreign exchange segment, so as to ensure, forex end have reliable information to guide them in their transactions with BDC operators. He said that ABCON has also developed and implanting Code of Conduct for members to promote ethical practices and transparency in while also continually advising the apex bank on market intelligence on key industry issues.
Over N10bn losses await speculators as ABCON hits forex market
Contrary to believe that BDCS are not well regulated, , Gwadabe said there are increasing difficulties arising from over regulation and complex documentation requirements that licensed BDC operators are facing in carrying out their daily legitimate operation remain worrisome. He said a BDC operator render daily, monthly, quarterly, half yearly and annual returns to these various departments of the same corporate body, which could be very cumbersome, repetitive and time consuming for both the operator and the regulator.
ABCON executive council, said that while BDCS are licensed to offer retail, across the counter, foreign exchange transactions, they however play critical roles in the economy and have contributed to the economic development of the country like ensuring order and confidence in the forex market, providing data for monetary policy, channels for CBN Intervention in retail forex market and creation of over 15, jobs among others. How Nigeria bleeds Nbn from irrelevant petrol equalisation fund.
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